A manufacturing enterprise may use hundreds, if not thousands, of components in support of various processes. For example, the enterprise may include one or more plants or facilities, with each plant/facility using machines or equipment to meet the business goals of the enterprise. Each machine or piece of equipment may comprise and/or be associated with a number of components such as individual parts, sub-assemblies, and tools used for proper maintenance and operation. In order for the enterprise to meet its business goals, sufficient quantities of components are kept available for use in maintaining existing processes and beginning operation of new processes.
However, keeping sufficient quantities of components available can entail significant challenges and risks. For example, if too many components are maintained in inventory, the enterprise may tie up excess capital in unneeded or infrequently used components, such as rarely-needed or obsolete spare parts. On the other hand, if insufficient quantities of components are maintained in inventory, the enterprise risks disruption in existing processes and/or delay in initiating new processes, both of which can result in significant financial losses. Accordingly, enterprises typically invest appreciable resources in the successful management of spare parts inventory.